Professional Indemnity

Who needs it? - What is it?

No longer is the term ‘professional’ used for the traditional occupations of Architects, Accountant, Solicitor, Surveyors, etc. Traditional occupations, whilst still requiring cover, have been joined by a large group known as consultants.

Anyone who offers ‘specialist advice or service’ is now regarded as a professional and should consider this cover within their business plan and budget.

A typical Professional Indemnity policy will provide indemnity to the insured against loss arising from a claim for breach of duty by any act of neglect or errors and omissions relating to their business.

Legal costs are normally covered within the wording. Excesses tend to be higher for this type of insurance.

Other optional covers:

• Libel and Slander
• Loss of Documents
• Dishonesty of Employees
• Fidelity
• Unintentional breach of confidence
• Infringement of copyright and intellectual property rights
• Previous firms or partners.